1. PM Narendra Modi reviews demonetisation process; here are the 12 things decided at the meeting

PM Narendra Modi reviews demonetisation process; here are the 12 things decided at the meeting

Prime Minister Narendra Modi, amid growing criticism of the decision of demonetisation, chaired a meeting on Sunday night which went on till 2 am, in order to review the supply and availability of cash in banks and post offices.

By: | Published: November 14, 2016 10:55 AM
demontetisation, 500, 1000, 2000, 500 1000, rs 500 note, 2000 note, rs 2000, banks, atms, atm notes, narendra modi, pm modi, modi demonetisation, modi meeting, shaktikanta das, economic affairs, home ministry. economy news PM Narendra Modi, reportedly reviewed the entire position and he was informed about the steps already taken to improve the supply of cash. The high-level meeting was also attended by Finance Minister Arun Jaitley and RBI Deputy governor. (ANI)

Prime Minister Narendra Modi, amid growing criticism of the decision of demonetisation, chaired a meeting on Sunday night which went on till 2 am, in order to review the supply and availability of cash in banks and post offices. PM Modi, reportedly reviewed the entire position and he was informed about the steps already taken to improve the supply of cash. The high-level meeting was also attended by Finance Minister Arun Jaitley and RBI Deputy governor. From cash limits to plans of reaching in rural areas and deadlines, everything was decided at the meet.

Earlier on Sunday, Home Minister Rajnath Singh and Finance Minister Arun Jaitley had reviewed the current situation in India, in the wake of demonetisation of Rs 1000 and Rs 500 notes. In their meeting, the Ministers were briefed about the situation in different states where the heavy rush was witnessed in banks and ATMs to change old notes and withdraw cash. Union Home Secretary Rajiv Mehrishi and other top officials of the Ministries of Home and Finance had also attended the meeting. Meanwhile, leaders of the opposition parties (Congress, TMC and Left) have called a meeting on Monday at 4 pm to discuss on Demonetisation issue.

According to Shaktikanta Das, Secretary of Department of Economic Affairs, the following things were decided at the late night meeting on Sunday:

1) The banks have been advised to increase the cash holding limit of the banking correspondents to at least 50,000 rupees. In other cases, banks would be encouraged to increase the cash holding limits beyond 50,000 rupees in appropriate cases.

2) The reach and distribution of cash, especially in rural areas, will improve substantially.

3) Banking correspondents to be permitted by banks to draw cash in a single day multiple times.

4) To expedite process asap,task force being set up under the chairmanship of RBI Dy Governer, it will have representatives of banks as its members. It also has representatives of the department of financial services and the ministry of home affairs as their representatives. This task force has been instructed to work out a strategy to expedite the whole process of recalibration of the ATMs.

5) In the meantime, the micro ATMs will be deployed in a large number of areas to dispense cash against debit and credit cards.

6) Current account business entities which have an operational current account during last 3 months will be permitted to draw Rs 50,000 at a time.

7) The ATM limit also has been increased to 2,500 rupees with respect to the recalibrated ATMs. In other words, ATMs which are recalibrated to dispense new Rs500 or Rs 2000 notes, they can dispense 2,500 at a time.

Also read | Demonetisation: Here’s how Narendra Modi’s note-ban policy had been implemented in the past

8) It has been decided that all govt departments and central public sector undertakings will maximise their e-transactions.

9) RBI advised national payments corporation of India to waive its transaction charges on old transactions which are settled through the financial switch. This facility will available until 31st December. Banks also being advised to waive their charges for various kinds of transactions.

10) Annual life certificate which pensioners are required to submit during November, the time limit for that extended till 15 January 2017.

11) There will be separate queues for senior citizens and divyang persons in banks. There will be separate queues for those who are visiting the banks only to exchange old series of notes for new notes.

12) Currently, govt has given exemption to a certain category of transactions where old series of 500 & 1000 notes can be accepted. The limit for such transactions is being extended from 14th November midnight to 24th November midnight.

(with ANI inputs)

  1. A
    Against Sick
    Nov 14, 2016 at 5:59 am
    Lets be hopeful that these steps would help in alleviating pain faced by the common people over last few days. The report says the meeting went on till 2AM last night. Hats off to PM. He returned from an night before last and then had a very Sunday with meetings in Goa, Belgaum and Pune, prior to returning back to Delhi by 9 pm
    Reply
    1. M
      Manohar
      Nov 14, 2016 at 6:07 am
      Demonetization may prove to be more than good. But the way it has been executed, created chaos and resulted in slowing down of business and trades. People need money for their day-to-day expenses in 500s and 100s. What is the point in circulating 2000 Rupee notes, when there is absolutely no 500s and a huge shortage of 100s? Whose idea was this? If the government would have first circulated 500s, instead of 2000, the hardship for the common people would not be this much severe. The worst affected are the daily wagers, informal sector workers and the rural potion. The BEST example for WORST planning and execution.
      Reply

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